Macron pledges 700 million euros to fund solar projects worldwide

President Emmanuel Macron has said France will greatly increase the amount of funding it provides to solar power projects in developing countries by 2022.

The new 700 million euro boost will take the form of loans and donations and is designed to accelerate the global transition to a low-carbon economy, according to the France 24 news network.

Speaking at a meeting of the International Solar Alliance in New Dehli, President Macron said "We need to remove all obstacles and scale up".

Indian Prime Minister Narendra Modi also commented that “We have to make sure that a better and cost effective solar technology is available to all. We will have to increase solar in our energy mix".

India is one of the developing countries which has made greats strides to decarbonising its economy. Solar power has also grown by 200 percent in just two years, adding 8 gigawatts with much more in the pipeline. Overall, the Indian Government aims to triple the amount of renewable energy capacity over the next four years alone.

The International Solar Alliance was launched by India in 2015 ahead of the landmark Paris climate agreement. It now comprises 121 countries situated in ideal locations to generate power from the sun: between the Tropic of Cancer and the Tropic of Capricorn. The alliance hopes to attract $1 trillion of new solar investment in these countries by 2030.

Ségolène Royal, the former French minister for sustainable development, who is also attending the Indian tour, said these countries have "the paradox of being the sunniest in the world while enjoying the least solar energy”.

France 24 also reports that President Macron and Prime Minister Modi will open a new 100 megawatt solar plant near the city of Varanasi on Monday.